BASAL INSULIN MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

Basal Insulin Market Size and Trends

The basal insulin market size is expected to reach US$ 31.3 Billion by 2030, from US$ 16.3 Bn in 2023, at a CAGR of 9.8% during the forecast period. The basal insulin market is expected to witness steady growth in the coming years. The increasing prevalence of diabetes across both developing and developed nations will be a major driver. As per the International Diabetes Federation, over 500 million people are estimated to have diabetes by 2030. This rising patient base necessitates effective management of blood glucose levels through basal insulin drugs. Basal Insulin Market Drivers:

• Increasing Prevalence of Diabetes: The rising prevalence of diabetes around the world is a major factor driving growth in the basal insulin market. According to International Diabetes Federation (IDF), approximately 537 million adults aged 20-79 years were living with diabetes in 2021. This number is expected to reach 643 million by 2030 and 783 million by 2045. The high and growing prevalence of diabetes globally has led to an increased demand for effective blood sugar management drugs like basal insulin. Basal insulin helps provide steady background insulin levels and lower blood glucose effectively in diabetes patients.
• Rising Obesity Rates: The increasing obesity rates across the globe is another key driver for the basal insulin market. According to the World Health Organization (WHO) report 2021, the worldwide prevalence of obesity nearly tripled between 1975 and 2016. Obesity is a major risk factor for development of type 2 diabetes. Obese and overweight people are more likely to develop insulin resistance, which raises blood glucose levels and increases the requirement for basal insulin to control hyperglycemia. The high and rising obese population globally will continue to propel the market growth during the forecast period.
• Technological Advancements in Insulin Delivery Devices: Significant improvements in insulin delivery devices like pens, pumps, jet injectors, and smart insulin patches have boosted the adoption of basal insulin therapy. Insulin pens provide ease of use, accuracy, and flexibility over traditional syringes. Insulin pumps deliver customizable and precise amounts of rapid or short-acting insulin. The integration of insulin pumps with continuous glucose monitoring system (CGMs) has improved glycemic control by enabling automatic basal rate adjustments. Advanced and easy-to-use delivery devices have made basal insulin administration more patient-friendly, supporting market expansion.
• Government Initiatives to Improve Diabetes Management: Several government initiatives to promote diabetes education, awareness, and improve access to medications are contributing to the basal insulin market growth. The introduction of national programs focusing on preventive diabetes care has increased insulin utilization. Government policies to make insulin more affordable via discounts, subsidies, and reimbursements have also enabled higher adoption among low-income groups. Increased government spending on diabetes management will further support the market growth.

Basal Insulin Market Trends:

• Increasing Usage of Insulin Pens and Pumps: One of the key trends stimulating growth in the basal insulin market is the rising use of insulin pens and pump devices. Insulin pens provide simplicity, accuracy, and convenience over syringes for patients who need multiple daily injections. Pens have dose memory, are easier to handle, and suitable for self-administration. Insulin pumps deliver rapid-acting insulin continuously mimicking pancreatic secretion. Pumps offer greater flexibility and precision in insulin dosing via programmable basal rates and bolus dose calculations.
• Combination Therapies for Improved Diabetes Management: The growing use of combination basal insulin formulations and complementary non-insulin anti-diabetics is another prominent trend in the industry. Combinations like insulin plus GLP-1 receptor agonists improve glycemic control and weight management. Fixed-ratio combination of basal insulin and fast-acting insulin provide effective blood glucose management with low risk of hypoglycemia and fewer daily jabs. The adoption of combination regimen is increasing due to their synergistic effects and added benefits over monotherapies.
• Advancements in Digital Diabetes Care Solutions: Increasing integration of digital technologies like mobile apps, wearable devices, sensors, and Internet of Things (IoT) with insulin delivery systems is an important trend boosting market outlook. Mobile apps aid in analyzing data, tracking meals, activity, and providing support. CGM systems like Dexcom allow real-time glucose monitoring and disease management. Connected smart insulin pens and pumps enable remote monitoring and data sharing. Incorporation of AI and analytics provides personalized insights that optimize insulin therapy. Digital health solutions are improving patient engagement, treatment adherence and health outcomes. For instance, in April 2022, Abbott, a global healthcare company, CamDiab, a digital health and personalized medicine company, and Ypsomed, a manufacturer of injection and infusion systems, announced a collaboration to develop and commercialize an integrated automated insulin delivery (AID) system to help people with diabetes lessen the burden of round-the-clock diabetes management. The partnership's initial focus will be on European nations.
• Growing Popularity of Insulin Therapies in Veterinary Medicine: The increasing use of basal insulin therapy for managing diabetes in cats and dogs is a promising trend broadening market applications. Insulin products like Vetsulin, Prozinc, Caninsulin, and Insuvet are gaining popularity for controlling hyperglycemia in diabetic pets. Pet health expenditure is rising globally, driven by increasing companion animal adoption. The higher veterinary use of insulin drugs presents lucrative expansion opportunities beyond the traditional human medicine sector.